Submissions on Review of Retail Payments Regulation

On 29 November 2019, the Reserve Bank released an Issues Paper to commence a review of the regulatory framework for retail payments. The Issues Paper discussed and sought stakeholder views on a number of potential issues that could be covered by the Review, including some recommendations made in reports by the Productivity Commission and the Black Economy Taskforce in relation to interchange fees, merchant service fees and least-cost routing of dual-network debit card transactions. The Issues Paper also discussed surcharging and ‘no-surcharge’ rules, issues relating to digital wallets and tokenisation of payments. Stakeholders were invited to provide written submissions in response to these issues, as well as to raise any other retail payments matters that they thought the Bank should consider as part of the Review.

Confidential Information

The Bank received 13 confidential submissions, including some from entities that also provided public submissions.